In today's fiercely competitive market, delivering products swiftly and effectively is paramount for sustained success. Companies need to be nimble, fast, and get it right the first time, or fail fast and revise quickly. If they don't, they will fall behind the competition.
A product management approach emphasizes end-to-end product lifecycle, ongoing development, and iterative improvements, and it readily adapts to changing market demands. It drives agility, responsiveness, and cross-functional collaboration, bringing together diverse perspectives and expertise, leading to more innovative solutions and better strategic vision realization. However, traditional project-based approaches for product development often fall short of keeping pace with rapidly evolving business requirements and customer expectations.
Key challenges faced by organizations include:
- Fixed scope and timelines: Traditional project-based approaches often struggle with fixed scopes and timelines, inhibiting the flexibility needed to adapt to rapidly changing market demands
- Loss of continuity and knowledge: Disbandment of project teams post-delivery results in a loss of continuity and knowledge, leading to increased ramp-up times for future iterations.
- Limited product management discipline: Many organizations lack formal product management discipline and roles, hindering their ability to align business strategy with technology execution effectively.
- Underachievement of product management: Even for companies that have already embraced product management, there may be challenges in achieving its full potential due to product managers having large portfolios and limited bandwidth for individual value streams or not being adept enough to bridge business strategy to IT execution and the shift towards agile methodologies and need for specialized expertise.
Navigating through these challenges requires a comprehensive approach and strategic guidance. Organizations must address these obstacles head-on to unlock the full potential of their product development initiatives and achieve strategic goals with agility and precision. How do you ensure your initiatives are successful and return high value with these challenges blocking your path?
Virtusa knows that mere suggestions don't solve real problems.
Getting results requires a consultant who works with you throughout the journey, obsessing over every aspect of your business from every angle. That's consulting with an engineer's mindset and what Virtusa calls an Engineering First approach. We bridge the gap between disruptive technology and business outcomes because we understand that the best consultants think like engineers.
Virtusa sets itself apart by offering a holistic approach to product management that emphasizes the entire product lifecycle—from conception to delivery and beyond. Our methodology provides a fit-to-purpose product management consulting services approach that bridges vision, strategy, and execution. Virtusa's methodology prioritizes iterative improvements and adaptability, enabling companies to respond rapidly to changing market dynamics. We recognize that true innovation thrives on cross-functional collaboration, and we leverage diverse perspectives and expertise to drive strategic vision realization and product excellence.
By partnering with Virtusa, you gain access to our comprehensive Product Management Consulting Services, which have a holistic view of the entire product value chain.
Project management comprises multiple critical activities across the strategy/vision, product definition, delivery phases, and product feedback and improvement. Our approach is designed to enhance product management maturity, optimize roles and methods, and streamline operationalization and execution with an Engineering First mindset. Discover how Virtusa can empower your organization to navigate the intricacies of product delivery with confidence and agility:
Product Management Maturity
We conduct comprehensive assessments to benchmark an organization's product management practices and identify areas for increasing efficiency and effectiveness as a starting point for improvement.
Our approach spans seven dimensions, ranging from an ad hoc level of no-standard processes to continuous innovation, analytic-based strategic decisions, and adaptive cross-functional collaboration. We then identify performance characteristics and develop bespoke strategies to elevate each dimension, empowering organizations to achieve their targetted level of maturity.
Product Management Roles and Methods
Recognizing each organization's unique needs, we offer a spectrum of skilled practitioners, including Product Managers, Product Consultants, Product Owners, and Product Business Analysts. Our practitioners leverage proven processes, data analytics, and cutting-edge tools to execute critical activities across the product value chain, ensuring alignment with business goals and market demands.
Operationalization and Execution
We collaborate closely with organizations to implement actionable strategies for achieving the target levels of Product Management Maturity. Our practitioners guide the operationalization of these strategies, ensuring seamless integration into existing workflows. Additionally, we take the lead in orchestrating Integrated Agile Product Delivery teams, whether they are Virtusa-provided or a mix of external and internal resources, to drive efficient and effective product delivery.